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Tax optimizer.

See your best moves to cut taxes using RRSP, TFSA, FHSA, and spousal strategies.

📌 2025 tax rates. CRA has not yet published final 2026 brackets. This calculator uses confirmed 2025 federal and provincial rates.
Taxable income
$
Province
🎯 RRSP vs TFSA vs FHSA — where should your next dollar go?
Your age
30 years old
Expected retirement income
$40,000/yr
First-time home buyer?
🏠
PRIORITY 1FHSA First
You're a first-time buyer. FHSA is the best of both worlds — deductible now AND tax-free on withdrawal for your home. Max $8,000/year, $40K lifetime. Open one immediately even if you can't max it yet.
🏦
THENTFSA Next
At 29.6% marginal rate, the RRSP deduction is modest. TFSA growth is tax-free forever — if your income rises later, you'll be glad you didn't lock savings in RRSP at a low rate. Watch the 1%/month over-contribution penalty.
💰
THENRRSP Last
Bank your RRSP room for a year when your income (and rate) is higher. Expected retirement income of $40,000 is lower than now — RRSP will pay off then. Carry-forward room never expires.
RRSP live impact
RRSP Contribution
Defers tax to retirement. Best if you expect lower income then. Withdrawals are fully taxable. Limit: 18% of prior income, max $31,560.
Contribution$0
$0Max $31,560
Tax saved
$0
New net income
$49,240
New effective rate
24.2%
Per $1,000
$296
instant saving
FHSA live impact
First Home Savings Account
Deductible and tax-free on home withdrawal. $40K lifetime max. Roll into RRSP if you don't buy. Expires after 15 years.
Contribution$0
$0$8,000/yr · $40K lifetime
Tax saved
$0
New net income
$49,240
Annual room
$8,000
$40K lifetime max
Per $1,000
$296
instant saving
🏦
TFSA — contributions are not deductible, but growth and withdrawals are forever tax-free. 2025 annual room: $7,000. Cumulative room (if eligible since 2009): up to $95,000. ⚠ Over-contributing costs 1%/month — verify your room at CRA My Account first.
Your best moves right now
Based on $65,000 in Ontario:
💰
Contribute $11,700 to RRSP
Defers tax to retirement — best if you expect lower income then. Withdrawals are fully taxable. Penalty of 1%/month on over-contributions.
save
$3,328
🏠
Open FHSA + contribute $8,000
Deductible like RRSP and tax-free on home withdrawal. $40K lifetime max. Roll into RRSP if you don't buy.
save
$2,372
👥
Consider a spousal RRSP
If your spouse earns significantly less, a spousal RRSP shifts future withdrawals to their lower bracket. Note: withdrawals within 3 calendar years are attributed back to you.
👥 Spousal tax optimizer

Combining two incomes? Splitting deductions between spouses can lower your household tax bill significantly. Enter your spouse's details below.

Spouse's taxable income
$
Spouse's province
Spousal RRSP contribution
$0
Contributed by you, taxed in spouse's hands at withdrawal
You — $65,000
Tax$15,760
Net$49,240
Marginal29.6%
Spouse — $40,000
Tax$7,817
Net$32,183
Marginal20.1%
Household
Combined tax (no deductions)$23,577
Combined tax (with deductions)$23,577
Household saving$0
Combined net income$81,423
💵 Government benefits you may qualify for

These are direct tax-free deposits from the government — separate from your refund. Enter your household details.

Your household
Children under 6
0
Children 6–17
0
Adults
1
Spouse / common-law
👶Not applicable
Canada Child Benefit
$0/yr
Up to $7,787/child under 6 · $6,570/child 6–17
How: File taxes yearly. CRA calculates and deposits automatically.
🧾Not applicable
GST/HST Credit
$0/yr
Up to $519/adult · $274/child per year
How: Automatic when you file. No separate application needed.
💼Not applicable
Canada Workers Benefit
$0/yr
Up to $1,518 single · $2,616 with spouse
How: Claim on Schedule 6, or apply for advance payments at CRA My Account.